FOREIGN DIRECT INVESTMENT AND REGIONAL ECONOMIC DEVELOPMENT OF YANGTZE RIVER DELTA
利用1985-2006年时间序列数据，估计了外商直接投资对长三角三省市短期和长期的经济影响，发现FDI质量比数量更重要。
Using time series of during the period of 1985—2006,this paper estimates the short-term and long-term effects of foreign direct investment(FDI) on the regional economies of Yangtze River Delta--Jiangshu,Zhejiang and Shanghai.In the short term,FDI has had a positive and significant need-pull effect on all three regions.The effect of FDI was the largest on the economical growth of Shanghai,the second on that of Zhejiang,and the smallest on Jiangshu.In the long term,the spillover effect of the prior two-year FDI was positive and significant to all three regions.The impact of the prior two-year FDI was the largest on the growth of Zhejiang,the second on that of Shanghai,and the smallest Jiangshu.Surprisingly,in both the short term and the long term,the effect of FDI on the economical growth of Jiangshu was the smallest among three regions even though Jiangshu had more FDI than either Zhejang or Shanghai.It concluded that the quality of FDI had more effect on the economical growth of all three regions than the quantity of FDI.Finally this paper suggests new strategies to attract more and more high-quality FDI to these three regions.